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Financial Services Law Insights and Observations

FinCEN division will investigate global money-laundering threats

Financial Crimes FinCEN Of Interest to Non-US Persons Bank Secrecy Act Anti-Money Laundering Patriot Act

Financial Crimes

On August 28, the Financial Crimes Enforcement Network (FinCEN) announced a new division intended to investigate global money laundering threats. The Global Investigations Division (GID)—led by Matthew Stiglitz, a former senior official in the Department of Justice’s Criminal Division—will target activities such as weapons of mass destruction proliferation, rogue state actors, transnational organized crime, and narcotics trafficking. According to FinCEN, GID will utilize the agency’s Bank Secrecy Act authorities, including Section 311 of the USA PATRIOT Act, to combat both domestic and international illicit terrorist finance and money laundering threats.

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